Coral Gables and Coconut Grove Luxury Condo Market Report Q4 2019

View the most up-to-date market reports.

CondoBlackBook's detailed analysis of annual data outlined in the Q4 2019 overall Miami luxury condo report revealed that 2019 closed with higher sales, higher prices, but higher days on market, and slightly higher inventory compared to 2018. With the metrics still largely in favor of buyers, data show that Coral Gables and Coconut Grove overall annual sales and prices dropped about 13% and 10%, respectively. Read on to see more annual numbers and how the Coconut Grove and Coral Gables luxury condo market fared over the last quarter of 2019.  

For the purpose of this Miami luxury condo market report, we've only featured properties priced $1 million and above.

Coral Gables and Coconut Grove Luxury Condo Market Yearly Summary:

  • Annual sales down 12.9%
  • Annual price per sq. ft. down to $558 - the lowest in Miami for luxury condos
  • Annual days on market higher in 2019 compared to 2018
  • Inventory still high at 28 months

Coral Gables and Coconut Grove Luxury Condo Market Q4 Highlights:

  • Year closes with positive 12-month sales trendline, indicates prospects for growth
  • Q4 year-over-year sales flat
  • Sales prices and price/sq. ft. fell year-over-year in Q4
  • Days on market declined year-over-year in Q4


Table of Contents

  1. Coral Gables & Coconut Grove Luxury Condo Sales Trends
  2. Coral Gables & Coconut Grove Luxury Condo Price Trends
  3. Coral Gables & Coconut Grove Luxury Condo Days on Market Trends
  4. Coral Gables & Coconut Grove Luxury Condo Inventory Trends
  5. Conclusion

Coral Gables and Coconut Grove Luxury Condo Market Yearly Summary - Fig. 1.1

Coral Gables and Coconut Grove Luxury Condo Market Yearly Summary - Fig. 1.1


Coral Gables and Coconut Grove Luxury Condo Market Quarterly Summary - Fig. 1.2

Coral Gables and Coconut Grove Luxury Condo Market Quarterly Summary - Fig. 1.2


Annual Luxury Condo Sales Down, Flat for Q419 YoY

Annual sales down, though 12-month trendline stays positive. Going against the overall market trend in Miami, Coral Gables and Coconut Grove's annual luxury condo sales declined 12.9% in this combined district when compared to 2018 (fig. 1.1). With Q1-Q3 2019 registering lower sales year-over-year, only an exceptionally good Q4 could have changed trends by year-end. Nonetheless, what's interesting to note is that 2019's annual sales were higher than the annual figures for 2015, 2016 and 2017 (fig. 2.1).

Tracing sales over the last 12 months, fig. 2.2 reports a positive trendline, showing that this combined market closed the year with good momentum, which could translate into better sales for the opening quarter of 2020.

Q419 sales flat year-over-year. Sales in Q4 2019 matched numbers from the same quarter last year. This was somewhat of a recovery after the first three quarters posted lower year-over-year sales compared to the same time 2018 (fig. 2.1). However, it's worth pointing out  that Q4 2019 reported the highest year-over-year sales in a fourth-quarter from 2015 to 2017.


Coral Gables & Coconut Grove Quarterly Sales Heatmap - Fig. 2.1

Coral Gables & Coconut Grove Quarterly Sales Heatmap - Fig. 2.1


Coral Gables & Coconut Grove 12-Month Sales with Trendline - Fig. 2.2

Coral Gables & Coconut Grove 12-Month Sales with Trendline - Fig. 2.2


Coral Gables & Coconut Grove Monthly Sales from Jan. 2016 to Dec. 2019 - Fig. 2.3

Coral Gables & Coconut Grove Monthly Sales from Jan. 2016 to Dec. 2019 - Fig. 2.3


Annual and Q4 YoY Luxury Condo Prices Down

Annual median price drops with price per sq. ft. falling to $558/sq. ft. Again, moving against the overall Miami luxury condo market trend of higher year-over-year prices, this combined district reports a 9.9% decline in its median sale price and 5.3% dip in price per sq. ft. (fig. 1.1). Closing the year with a median price of $558/sq. ft., down from $589/sq. ft. for 2018, this grouping reports the cheapest price per sq. ft. for luxury condos in Miami compared to Miami and the Beaches or the district of Greater Downtown, indicating this is an excellent opportunity for long-term buyers to enter this Miami submarket.

Q4 sales price and price per sq. ft. decline year-over-year. While the median price in the Grove and Gables fell 8.4% for the quarter year-over-year, the price per sq. ft. registered a steep 16.7% decline (fig. 1.2). Looking at a four-year snapshot of quarterly prices per sq. ft., it's worth noting that Q4 2019 closed with the lowest price since Q1 2017 (fig. 3.1).

Coral Gables & Coconut Grove Quarterly Price per Sq. Ft. 2016-2019 - Fig. 3.1

Coral Gables & Coconut Grove Quarterly Price per Sq. Ft. 2016-2019 - Fig. 3.1


Annual Days on Market Higher, Lower for Q4 YoY

Annual days on market trends higher. Increasing from a median of 83 days in 2018 to 90 days in 2019, luxury condos sat seven days longer on the market (fig. 1.1). This is in line with the overall Miami market trend. On an annual basis, the metric shows that buyers and sellers had a tough time reaching a consensus.

Decline in year-over-year days on market in Q4. Despite annual data, looking at the last quarter of the year, Coral Gables and Coconut Grove luxury condos spent 22 fewer days on the market compared to 2018, showing improved dialogue between buyers and sellers on a year-over-year basis (fig. 1.2).

Coral Gables & Coconut Grove Quarterly Days on Market 2018-2019 Heatmap – Fig. 4.1

Coral Gables & Coconut Grove Quarterly Days on Market 2018-2019 Heatmap – Fig. 4.1


Increase in Inventory Favors Buyers

Inventory up to 28 months. Slightly higher than September end's of 26 months, inventory levels for the Gables and Grove luxury condos posted an uptick for this combined neighborhood (fig. 5.1), in line with but lower than the overall Miami luxury condo market trend (Miami had 44 months of inventory in December). And, even though the metric is down from March's peak of 38 months, it has some way to go before reaching the ideal 9-12 months of a balanced market. So, buyers can continue enjoying the perks of lower prices and ample choices as they shop for Coral Gables or Coconut Grove condos for sale here.

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.

*Starting March 2019, CondoBlackBook has only considered properties priced $1 million and upwards for our luxury condo study, instead of the previous $600K benchmark. This means, that while our historical data compares to condos priced $600K and higher, post March 2019, the numbers represent properties priced $1 million and higher only.

Coral Gables & Coconut Grove Months of Condo Inventory from Mar. 2017 to Dec. 2019 - Fig. 5.1

Coral Gables & Coconut Grove Months of Condo Inventory from Mar. 2017 to Dec. 2019 - Fig. 5.1


Conclusion

Collectively, the Coral Gables and Coconut Grove neighborhoods are seen deviating from the major trends of the overall luxury condo market in Miami. Annual sales volume as well as condo prices report a decline, whereas the overall market trends higher for these metrics. The 12-month sales trendline also keeps positive against the flat trendline of the overall Miami report. The only metrics to fall in line with the overall market trends are days on market and months of inventory, as they post increases.

Again, with more luxury condos sitting on the market, CondoBlackBook's data analysis continues favoring buyers in this market. But, just like we mention in our overall report, if buyers continue trickling in from high-tax states, prices are kept reasonable, inventory goes down at a faster pace with 2020 having a low cycle of deliveries, and buyers take the opportunity of having historically low mortgage rates as well as buying options, we should see signs of a corrective shift this year.

Love what you see? Don't forget to share our blog and subscribe (see the subscribe link on the top menu) to receive the latest Miami condo market news in your inbox.



Questions or comments about the stats? Want more info on Miami condos? Contact Sep at sniakan (at) hbroswell.com or call 305-725-0566.

Cover photo: Coral Gables Museum - Merrick Park, courtesy of MiamiAndBeaches.com
Contact Us
Sep Niakan
Broker / Team Lead
(305) 697-7667
sep@blackbookproperties.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

Best Pre-Construction Miami Condos with Private Marinas
Preconstruction Best Pre-Construction Miami Condos with Private Marinas
Miami stands out as an internationally acclaimed haven for boat owners. It offers vast stretches of pristine turquoise waters, ideal for unforgettable days of sailing, cruising, sport fishing, and nautical adventure. And one of the most coveted treasures of living in Miami is the opportunity to dock your vessel at your own private marina or boat slip, just steps from your residence.  However, many existing Miami condos with a boat slip for sale are often in older buildings, making them not as desirable as a brand-new, pre-construction condo, where you would be the first to live in a new, luxurious waterfront condo building. So we’ve done your homework for you, and in this guide, we’ve created a list of the best pre-construction Miami condos with private marinas.  — What to Know About Mooring Your Boat in Miami Although boating in Miami is a highly popular activity, securing a spot for your boat can be challenging, inconvenient, and lack exclusivity. Depending on your vessel’s size,...
Save on Your Miami & Florida Property Taxes with This Video!
Real Estate News Save on Your Miami & Florida Property Taxes with This Video!
Did you know that property taxes can’t ever increase more than 10% for investors in Florida? Information nuggets like this can easily shave thousands of dollars off your property tax bill in South Florida! In our latest video, Sep Niakan, founder and lead broker of Blackbook Properties, talks to CPA and Miami tax expert, Christian Daulong about the simplest ways to save money on your real estate taxes in Miami, Florida. There’s a lot to take away from this, so permanent residents, second homeowners, and investors, take note!     As a Miami homeowner, we want what’s best for YOU! That's why we’re sharing our top Florida property tax tips (try saying that fast!) for primary homeowners, second homeowners, and even investors. With these recommendations, you’ll make the most out of your South Florida property, so you can fully immerse in Miami’s vibrant culture and beautiful beaches smartly and with financial peace of mind. Learn how to maximize your benefits from the Homestead...
Where to Find the Lowest Property Taxes in Miami
Opinions and Advice Where to Find the Lowest Property Taxes in Miami
Miami’s growth has skyrocketed over the years as more people choose to live here for its incredible weather and low taxes. But many people considering buying Miami real estate wonder what the property tax rates in Miami are. Moreover, most people don’t love talking about property taxes. When looking for a home, buyers focus more on living aspects, like the square footage, layout, amenities, outdoor space, or kitchen upgrades. Still, buyers must pay attention to property tax rates as part of their purchase and, once they become owners, as part of their budget. If you’re considering buying a condo or house in Miami or Miami Beach, this guide will help you compare property tax rates in the most popular neighborhoods around the cities, and show you where to find the lowest property taxes in Miami-Dade County in 2024.  — Know Your Miami and Miami Beach Property Tax Rates In Miami-Dade County, property tax notices are sent out each year on October 30th. Below are the updated property...
Pagani Residences Miami: Live in the Lap of Hypercar Luxury
Preconstruction Pagani Residences Miami: Live in the Lap of Hypercar Luxury
Miami, it’s time to get hyped about hypercar luxury residences with the groundbreaking fusion of the hyper-automotive industry and architecture through the creation of Pagani Residences. Nestled in the picturesque North Bay Village, this exclusive development marks the world's first collaboration between Italian hypercar icon Pagani Automobili and Miami-based real estate developer Riviera Horizons. And it continues the trend of luxury car branded-residences, which has brought Miami the likes of Aston Martin Residences in Downtown Miami, Bentley Residences in Sunny Isles Beach, and of course, Porsche Design Tower, where residents drive up to their condo homes with its patented Dezervator elevator system.For Pagani’s first venture into the real estate world, Miami’s iconic skyline and global appeal make the perfect backdrop, and in this blog, you’ll find out why Pagani Residences Miami promises a living experience that is engineered to live up to its hypercar luxury name. —...
March 2024: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update
Preconstruction March 2024: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update
As developers announced and launched exciting new projects, luxury condo development continued booming in South Florida. This month, partners Related Group and BH Group launched sales for West Palm Beach’s first Ritz-Carlton Residences condo development. The developer duo further launched sales for Icon Beach and won approval to build another condo-hotel in Hollywood Beach. Further, Ari Pearl swapped his plans to build a rental tower at The Club at Emerald Hills golf course with brand-new condos and villas. Read below to find details on these and more projects in our March 2024 pre-construction condo market round-up for Fort Lauderdale and Palm Beach: — March 2024 – Fort Lauderdale Condo Pre-Construction Market at a Glance Sales Launched Ritz-Carlton Residences – West Palm Beach Icon Beach Residences – Hollywood Beach Approved Diplomat Landing Hotel (Tower 2) – Hollywood Beach 1920 Pierce – Downtown Hollywood Planned/Proposed Sage Residences – Fort...
Complete List of Miami Condos with Tennis Courts
Lifestyle Complete List of Miami Condos with Tennis Courts
Tennis has been a favorite sport to enjoy throughout your life. But often it's hard to play at home – you've got to find a racquet club or local tennis complex. So if you're looking for Miami condo buildings that have tennis courts, since enjoying the sport and staying fit is a top priority, we get it. And the convenience of having a tennis court onsite is a big bonus. Since home is where the heart is, having a private tennis court right at your condo doorstep can be one of the biggest motivation factors whether you like to play for fun, fitness, or serious competition. So, for all tennis enthusiasts out there, here's a full list of Miami condos that give their residents exclusive access to tennis courts, whether hard, grass, or clay, as part of their range of amenities. — Miami Condo Buildings with Private Tennis Courts Building name Address Neighborhood City  Year Built Sq. Ft. Range # of courts 1000 Venetian Way 1000 Venetian...